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American Express forays into retail banking in India

The American Express Bank today launched retail banking services in India by introducing Personal Financial Services.

Senior director and business head (new markets) Shailesh Kotwal said, ''Our research has indicated that the Indian customer is not only seeking the highest level of banking services but also the convenience of a single provider for all financial and travel-related needs. With the launch of PFS, American Express Bank will bring to customers an unmatched combination of financial and travel-related services in India.''

The bank will offer financial products like time deposits, current and savings account, sweep accounts, car loans and investments products such as mutual funds and money management services. PFS will also offer customers an array of round-the-clock service options including automated teller machines, telebanking, workplace and home banking.

The bank announced a strategic alliance with the Hyderabad-based Karvy group, India's leading integrated financial organisation. The Karvy group offers a range of services including retail distribution of financial products, corporate shareholder services, custodial and investor services and has a national distribution network spread across 62 locations.

UNI